As expected, Alibaba has realised a record turnover during Singles Day last Sunday. In total, a turnover of 31 billion was generated that day, a 27% year on year growth. As the Chinese Yuan has a weaker position compared to the dollar in respect to a year earlier, online retailers had to sell more products to reach the new record. In the first 90 seconds, products with a total value of 1 billion dollars were sold. This was a record as well, compared to the five minutes and 21 seconds of 2017. In the first five minutes of 2018, the turnover on Singles Day was 3 billion dollars.
Alibaba’s Singles Day celebrated its tenth anniversary this year. During the day, consumers could buy a wide range of products with high discounts on sites like Tmall. This year, it has transferred about 1 billion orders. This year’s Singles Day was the first in which Alibaba also included its subsidiaries Lazada, Ele.me, Koube and physical supermarket Hema.